Clearing A Balance at The End of the Semester

LendKey

In Managing MoneyLendKey

Clearing up outstanding balances and getting registered for the next semester is important. However, final exams and papers often dominate attention during the end of semester, the same time new registration begins. Right now there is a major test or report due, but don’t let the stress get in the way of clearing registration for important classes, your timely graduation depends on it. Here are some tips for following through on school funding and billing issues.


1. Confirm that all your financial aid has paid:

Make sure all your grants, scholarships and student loans are accounted for. It’s not abnormal for a few weeks to pass before all financial aid pays to an account. However, if your funding has not paid out it could be because of incomplete paper-work, like the Master Promissory Note and Entrance Interview for the Direct loans or an unsigned award letter. Talk to your financial aid office to confirm. If you have submitted all required documents and funding has not paid out by now, your financial aid office might be swamped with work.

2. Talk to the registrar/bursar:

Make sure your account is in good standing for registration. There may be holds on your account from other departments that you are not aware of. For example, if documentation has not been cleared at your schools health services office registration is put on hold. Be aware of your account standing to avoid such difficulties.

3. If a balance is still due:

First make sure all financial aid has been utilized toward paying the bill. Consider using a private student loan only after other financial aid resources have been used.

4. Account is on hold:

If your account is on hold and you are trying to register for class right away, only bursar/billing office can clear you. Under certain circumstances the bursar will clear a student for registration while pending payment is due. If you apply for a private loan, you may be able to show the bursar office proof of your application for a registration clearance. However this is on an individual basis at each school. It is generally school policy to hold the registration of a student if an old bill is unpaid. But for convenience sake a school may allow it.

5. Follow through:

If a school gives a student a break by allowing registration with an outstanding balance, it is because it is believed the student will get the balance cleared up without a problem. Make sure to follow up on your part, and fully complete any additional loan applications necessary to pay the balance.



Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites (and this website) is best-suited for your particular circumstances. Therefore, you may want to consult with an expert (financial adviser, school financial aid office, etc.) before making financial decisions that may be discussed on this website.